Problem: Is the future of gaming revolving around ownership of assets?
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Solution: I have been scrolling through YouTube Shorts the other day just aimlessly looking at all these 30 second short form content, most of which is either college advice, news on global economic affairs, finance related, and football related shorts. I had scrolled for ages looking for something new and different then I had stumbled upon a short, it was from my favourite football content creator fiago, where he was playing and doing some football drills at the world-famous Anfield stadium situated in Liverpool. It was a promotional short which is promoting a new NFT based fantasy football game called Sorare. Fiago also mentions that Sorare gamers who have obtained a full five-sided team with all the team players they get an all-expenses paid tour to that team’s football stadium. That deal was very enticing, so I had digged deeper into this Sorare game and stumbled upon a whole new dimension of games that are based upon NFTs. It was an exciting discovery for me because I love games and I love fintech.
NFT gaming has emerged as the next big disruption in the gaming industry, revolutionizing the way players interact with virtual worlds and assets. NFTs have introduced a new paradigm where the future of gaming revolves around the ownership and trade of unique and scarce digital assets. Unlike traditional in-game items that are often limited to specific game environments, NFTs enable players to truly own their virtual possessions, giving them the freedom to buy, sell and trade their assets across multiple game platforms. This concept is rejuvenating as it sparks a renewed sense of excitement and engagement among players. Such as in the case of Sorare where the players will be financially compensated whenever their Sorare player has performed well in real life, this adds more excitement whenever we watch a football match since we know that our money is on the line! Additionally, the transparent and decentralized nature of blockchain technology ensures the authenticity and scarcity of these assets, creating a trustworthy ecosystem that benefits both developers and players alike.
Currently the biggest NFT games are Axie Infinity with a market cap of $2 Billion, Sorare with a market cap of $4.3 Billion and The Sandbox which is going to hit the $4 Billion mark after they have raised $400 Million in funds. From these figures we can see that the NFT gaming landscape is huge with lots of opportunities to not be missed.
This market is one with huge potential and it is also in its early stages, so this is the time to exploit the market to generate enormous revenue. Here are few ways to thrive in this market.
NFT Marketplace Platforms: With the increasing demand for NFTs, there is a need for dedicated marketplace platforms that facilitate the buying, selling, and trading of virtual assets. These platforms can serve as a hub for gamers, collectors, and investors to discover and exchange NFTs across different games and genres.
Game Development Studios: Developing games specifically designed for NFT integration can be a lucrative business opportunity. These studios can create immersive gaming experiences that incorporate blockchain technology, allowing players to own and trade in-game assets as NFTs. By focusing on NFT gaming, developers can attract a niche audience and differentiate themselves in the market.
Virtual Real Estate Companies: Virtual real estate has gained significant traction in NFT gaming, where players can purchase and own virtual land or properties. Businesses can specialize in creating and selling virtual real estate, offering unique and visually appealing digital spaces for gamers to build and monetize their virtual assets.
NFT Consulting Services: As NFT gaming is a relatively new and complex field, businesses can provide consulting services to help game developers, artists, and content creators navigate the world of NFTs. This can include advising on tokenization, NFT creation, smart contracts, and blockchain integration to ensure successful implementation within the gaming industry.
As NFT gaming continues to gain momentum, it is evident that the future of gaming will revolve around the concept of true ownership, where players have a greater control over their digital possessions and can participate in a thriving virtual economy.
Monetization: Depends on each type of business idea.
Contributed By: Parthiv Chowdary Anne (Business intern at Billion Dollar Start-up Ideas)